🧮 This Math Matters
Right now, you can probably think of a dozen different things you could be doing to grow your audience, right? You could text a few friends, launch a live video, run a paid Facebook ad, or submit a guest post to an industry website.
There are so many options that the problem isn’t usually coming up with ideas, but deciding which ideas to pursue. Garrett Moon, CEO of CoSchedule, has a solution to this.
10% VS 10X Growth
In his book, 10X Marketing Formula, Garret explains his approach to marketing, and how he trains his team to approach marketing as well. With each potential initiative, they ask themselves, “If successful, would this yield a 10% growth or 10X growth?”
Of course, 10% vs 10X is an intentionally extreme filter because most marketing activities are somewhere in between a 10% improvement and a 10 times improvement, but the filter works extremely well.
As it turns out, most marketing opportunities actually have a small overall effect, even though they may take a lot of work. A social media post, for example, could give you a 10% boost if successful. Landing an interview on a top-ranked industry podcast, however, could launch you into a new level of success with 10X growth. As Garrett expounds,
"This means the return we expect, and are resolved to achieve, is ten times over what we put in. We aren’t looking for 10 percent year-over-year growth; we’re laser-focused on blowing the roof off last year’s, last month’s, and last week’s numbers.
To do this requires a mindset shift. You can’t expect 10x results from copying everyone else. What worked for someone else isn’t a guarantee to work for you.”
What 10% growth tactics can you ignore, and what 10X growth opportunities can you pursue, today?